Female directors: Why are some less informed than others?
| Autor: | Yongxian Tan, Shawn Mobbs, Shage Zhang |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
040101 forestry
Economics and Econometrics 050208 finance Executive compensation Strategy and Management education 05 social sciences Enterprise value Information access 04 agricultural and veterinary sciences Representation (politics) Open market operation 0502 economics and business 0401 agriculture forestry and fisheries Insider trading Demographic economics Business Business and International Management health care economics and organizations Finance Disadvantage Gender disparity |
| Zdroj: | Journal of Corporate Finance. 68:101938 |
| ISSN: | 0929-1199 |
| DOI: | 10.1016/j.jcorpfin.2021.101938 |
| Popis: | We find the limited supply of female directors, rather than gender differences or boardroom biases, can create an informational disadvantage for some female independent directors, as measured by their open market trading profits. The information disparity is largely isolated to firms with abnormally low representation by female directors. Female independent directors who are located further away from the company's headquarters, have less industry experience or have shorter tenure exhibit the most limited information access. Accounting for these obstacles reduces the gender disparity in information. We further find that this information disparity among female independent directors contributes to the variation in their influence on board monitoring. More informed female independent directors are associated with fewer restatements, lower abnormal CEO compensation and higher Tobin's Q. Our results have several policy implications. |
| Databáze: | OpenAIRE |
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